Government Initiatives and Regulations Toward Reducing Carbon Emission to Fuel Europe Industrial Chillers Market Growth During Forecast Period
According to our latest study, “Europe Industrial Chillers Market Size and Forecast (2021–2031), Regional and Country Share, Trend, and Growth Opportunity Analysis – by Chiller Type, Process, and Application," the market was valued at US$ 509.36 million in 2023 and is expected to reach US$ 803.53 million by 2031; it is estimated to record a CAGR of 5.9% from 2023 to 2031. The report includes growth prospects owing to the current Europe industrial chillers market trends and their foreseeable impact during the forecast period.
Europe consumes approximately 50% of its energy for heating and cooling purposes in various residential, commercial, and industrial applications. As per the European Union statistics in 2023, process heating and cooling consumes ~18% of the total energy. Such energy consumption produces higher carbon emissions, which, in turn, is expected to boost the demand for minimizing machinery by controlling the temperature, thereby saving energy during operations.
Europe Industrial Chillers Market Analysis — by Geography
Europe Industrial Chillers Market Size and Forecast (2021 - 2031), Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Chiller Type (Water Cooled Chillers and Air Cooled Chillers), Process (Continuous Flow Chillers and Immersion Chillers), Application (Industrial Manufacturing, Food and Beverage Processing, Medical Equipment, and Others), Country
Europe Industrial Chillers Market Forecast and Scope by 2031
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Source: The Insight Partners Analysis
In recent years, European legislation on energy and environmental issues has increased dramatically. For example, as per the European Environment Agency, the number of environmental regulations published annually is approximately three times higher than 20 years ago; it is expected to continue at least in the next few years, and some European Union forecasts suggest that this will remain the same by 2050. Many government regulations related to industrial heating and cooling system products aim to boost productivity, minimize environmental pollution, and control temperature.
As per the European Climate Law published in July 2021, the European Union Member States have to take necessary measures to achieve the target of net zero GHG emissions by 2050 and a 55% reduction of net GHG emissions by 2030. In addition, the European Council and Parliament agreed on new rules for reducing the harmful emissions from the industrial sector. This new rule is expected to help the European Union achieve the goal of net zero emissions by 2050 by promoting energy efficiency in industrial operations, circular economy, and decarbonization. Therefore, such government initiatives and regulations toward reducing carbon emissions fuel the Europe industrial chillers market growth.
Pfannenberg Group Holding GmbH, Frigel Firenze SpA, Eurodifroid, MTA S.p.A., Daikin Industries Ltd, ait-deutschland GmbH, HYFRA Industrial Cooling Systems GmbH, Stulz SpA, DELTATHERM Hirmer GmbH, technotrans SE, and Riedel Kooling are among the key players profiled in the Europe industrial chillers market report. Several other major players were also studied and analyzed during the market study to get a holistic view of the market and its ecosystem.
The report includes the Europe industrial chillers market forecast by chiller type, process, and application. By chiller type, the market is divided into air cooled chillers and water cooled chillers. The water cooled chillers segment held a larger Europe industrial chillers market share in 2023.
The scope of the Europe industrial chillers market report focuses on Europe (UK, Germany, France, Italy, and Rest of Europe). Germany holds the largest Europe industrial chillers market share in 2023, followed by the UK and Italy. According to the Manufacturers Organization, the manufacturing industry in the UK ranked 8th worldwide in 2023, and it will continue to play a role in strengthening the economy of the country in the coming years. With the presence of key industries such as automotive, petrochemical, chemicals, and power generation, among others, the UK is one of the global leaders in manufacturing. Further, the country is witnessing the adoption of cutting-edge technologies under Industry 4.0. The UK government aims to be the world leader in Industry 4.0 by 2030 through its Made Smarter initiative. The strong focus on energy-efficient technologies is one of the key factors expected to bolster the growth of the industrial chillers market in the UK during the forecast period.
The export of food and beverages, chemicals and pharmaceuticals, rubber and plastics, electronics and electrical, machinery, automotive, and other products is increasing as the demand for these products is rising across the UK. As per the Office for National Statistics, the investment in the manufacturing sector in the UK in 2023 was valued at US$ 50 billion, followed by engineering & vehicles, chemicals & manmade fibers, food & beverages, and metals. Such a rise in investment in these industries is expected to boost the expansion of manufacturing facilities, which, in turn, is projected to propel the Europe industrial chillers market from 2023 to 2031.
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